Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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I wouldn't take what BL says with a rather large pinch of salt,
Because of the reluctance to tell shareholders exactly what the outcome of the default notice was there can be no guarantee that they will receive any more money from EPGC.
KEE are owed $3.8m costs owed to them, why should they be liable for Uog's costs they can't just walk away hence the default notice.
BP will also be looking for their debt to be paid.
Maybe after the placing, if the begging letter succeeds, then aim rule 11 might be adhered to!
Anybody take up my tip on bitcoin and the crypto market, fantastic opportunity to make up any losses, don't ignore this but dyor and lots if it because this won't happen very often, every 4 years.
Many large holders are very disappointed to say the least!
* They should have made huge reduction in running costs and reduction in raise needed would probably made more happier share holders (imo).
* Delay the Jamaica piston core work, which will cost 300-400k or more (imo)
* If placing shares have been forward sold, then it would be very interesting to see what happens to share price if this is voted down (do you/we honestly think 75% will vote for this)?
Thanks ameen…. poster on advn board reckons he needs 75% of votes to get it over the line?
Is there any other way it can survive if he loses vote ?
Input much appreciated..
We were recently told:
* payed for Jamaica license extension 250k and have $800k left, balance of USD $0.80m outstanding from EGPC along with final invoice (pay BP off after receiving total final amount from EGPC, they’re delays getting money from Egypt but will receive them imo)
* current base cost is the best/lowest it can be for running the company and they are looking to take on another board member
* can use existing BP facility for new acquisitions (looking at debt only deals)
* The super major who pulled out at the 11th hour did speak with the Jamaican government (just as I was thinking/saying) before they issued another 2y extension and other parties were trying to take it directly (it passed all the super majors due diligence and went all the way to the top for board approval) Jamaica is still very real and can be transformational for UOG!
* Jan 2025 are the plans for Waddock Cross to start production
They should have clearly delayed this raise imo at least until they receive Egypt funds and clear BP loan.
I still think the company has a good chance with Jamaica but board taking bad decisions after bad decisions (imo) hence it’s only 50/50 this raises may go through. I don’t think it’s the end of UOG just need to listen to shareholders!
So Bl getting worried that shareholders are going to vote down the placing.
Vote it down and shareholders might lose everything vote it up and shareholders might still lose what little they have left but the bod might get a few more months salary.
Pretty shocking that they want shareholders to vote yes for the placing but still keep them in the dark.
What was the outcome of the default notice for $3.8m owed to KEE?
Have they settled the debt of $1m still owed to BP?
Why are shareholders being keep in the dark, I think we all know why.
Hi Ameen are you still about ?
Are you anyway hopeful all considered?
Thanks
Third time Lucky
Placing not going ahead by looks of it … is there any hope of us shareholders surviving this ?
Well if the placing cannot go ahead then have to go in administration I reckon I don’t know what’s gonna happen
What the heck placing I thought was done one, do we need money again
Hi Ttl1, ive wrote it off now unfortunately, I've bought over about 7 years and the SP and performance has just got worse since early 2021.
I get the feeling PI's are now thinking "If we go down then so does the charlatan"
We need a minor miracle now IMO....
Placing not going ahead by looks of it … is there any hope of us shareholders surviving this ?
"The adjournment has been called to enable the Company to engage with shareholders"
He can engage all he likes, nobody trusts him, he has zero integrity and I think it's beyond all hope sadly.
He is only interested in inflating his ego and lining his own pockets IMO.
This company had such promise 5 or so years ago and he has made bad decisions time and time again, single handedly sending it down the chute....
Gave the shares away cheap in the placing diluting / killing shareholder value and now threaten that if resolutions not passed they may not be able to take things forward. B s…shareholders shafted - voting against
BRV Capricorn
Ninetails, what was your biggest? I'm just glad I sold out (at a loss) at the back end of last year.
This has got to be, the second biggest turd I ever invested in…
Just seen presentation pdf on website and is pretty poor in itself.
Blaming economic climate for their bad judgement on Egyptian assets.
Still haven't paid off debt, presumably bp.
No word on the outcome of the default notice, once again not keeping shareholders in the dark, aim rule 11! do they have a nomad?
Obviously desperate for the placing to go ahead to continue doing nothing but take a handsome salary every month.
Selling ahead of placing looks obvious.
Shareholders between a rock and a hard place.
I'm still scratching my head as to why anyone who has not been interested in the last few years of desperately trying to farm this down, would all of a sudden show interest. There are no new, data, insights that change the offer today from a year or two ago.
I hope they get a partner, but the reasons no one was interested before are still present. If anyone wanted it, they could have got the whole lot from Jamaica for a pittance. They only awarded the extension because no one else was interested. People on this forum seem to think that the super majors are queuing up for this. I was laughing during the presentation when there was a question about BP'S potential conflict of interest if they came on board .... why would BP all of a sudden be interested. This prospect has been around for a decade with Tullow and now United failing to generate any real interest. Why now?
Vista, so nothing on the data room and any interested parties?
Chinch, there were no difficult questions put to Brian in my opinion, he just blathered for the hour without providing really any additional information. Promised to do a better job of keeping shareholders informed and tried to make
"piston core sampling" and a little "seismic reprocessing" sound like really impotant future newsflow! All tailored IMO to try and make sure shareholders approve the recent raise at next weeks GM. Even tried to suggest the 4:15pm RNS announcing the bookbuild was to enable PIs to participate in the raise!
What happened at the presentation anyone?
Hey kala kutta
I think by bubble he means slide into the 0.1's Oily
Bonkers post from a ramper.
1.4m is the rough market cap at these levels. Just way too low. Plenty of space to move on up. Will mr or mrs 10 million buyer pop back up today?
The investor presentation is purely because they are worried about the raise being voted down. They're looking to reassure worried investors deeply in the red that the raise is absolutely necessary.
Calling an IP seems a little bit strange atm with the sp and mc at an all time low. Surely they know to expect a good rollicking from the angry mob. Just maybe and hopefully they'll have something good up their sleeve! Would soften the blow for them a bit if they do! GLAH